As a parent, you’ve got a lot to think about: not only do you need to consider the welfare of your child now, but also in the future.
It can be hard to prepare for what’s to come, particularly when the future is so fraught with uncertainties. That’s why we’ve come up with a few tips on how you can be proactive and do your best to make sure your child’s future is safe no matter what happens.
Set Up a University Fund
Education is one of the best gifts you can give your child. It will have a significant effect on their career prospects. It’s a good idea to create a fund for their tertiary education as soon as possible, considering how expensive university can be.
Even if they decide not to go to university, they can use the money to pay for another form of education, like supplementing their income while they do an apprenticeship or paying for them to earn some other kind of qualification.
Take Out Life Insurance
It’s never pleasant to think about what’ll happen to your child and family when you’re gone, but as an adult it’s important that you do. Life insurance policies can ensure your family is provided for in the event that something happens to you. Look online for life insurance quotes to find the best deal on a policy that suits your needs.
Make a Will
Having a will is vital to ensuring your child receives the care and inheritance you want them to after you’re gone. Even if you have a will already, make sure it’s up to date according to your current lifestyle; your life will have changed significantly over recent years and the will you drew up a decade ago may not be appropriate now.
Find a Guardian for Your Child
You might not think your child needs a guardian while you’re around, but it’s a good idea to make sure someone will have the legal authority to take care of them should you not be able to. Whether you fall ill, need to leave your child for a family emergency, or are worried about what may happen after you’re gone, it’s a good idea to find a guardian for your child to make decisions on your behalf should you be unable to do so.
Buy a House
Property is generally a good, stable investment. It’s a home for your child when s/he is younger, and an asset which they can later inherit, so buy your own home as soon as you can. It might take time to save for a deposit, but once you have your own home, you’ll know that you can provide a more secure environment for your child. Once you’ve bought a property, try your best to pay off the home loan as quickly as possible so your child does not have to do so once you’re gone.
Teach Them Tolerance and Manners
Young children are easily influenced, and as their parent, you’re the person who they see the most, so try to impress upon your children the importance of being tolerant, kind and well-mannered, as these characteristics will stand them in good stead for the rest of their lives. It can be hard to learn manners and compassion as an adult, so it’s important that you try to impress these characteristics upon your children at a young age.
Expose Them to Places and Cultures
Teaching your child about as many ideas, theories, cultures, and people as possible will give them a broader view of the world. That doesn’t mean you need to take them on expensive overseas holidays; local attractions that expose them to new experiences will teach them that there’s a world outside that is bigger than they are. It is the experience of learning to love new and exciting adventures that’s important, not the amount of money you lavish on them.
Read to Them
Reading to kids has a number of surprising benefits. Children who are read to tend to develop into more imaginative and creative adults with larger vocabularies, so it’s important that you read to your child regularly.
Teach Them Basic Life Skills
A formal education is important, but so is teaching them basic life skills such as cooking, cleaning, and taking care of themselves financially. Give your child the benefit of your wisdom and experience so they can grow into a responsible and respectable adult.
Allow Them Time to Play
It’s easy to view children as small adults and try to make them understand adult principals and theories at a young age, but young children need time to play and be carefree. Remember that your child’s mind isn’t fully developed yet and they need space to explore the world around them in their own time. Be supportive and allow your child the time to be young before having to grow up and become an adult.
Preparing your child for the future can be scary and challenging, but by following these basic tips, you can be sure you’re doing your best to prepare them for whatever happens and allow them to enjoy a happy and fruitful life.
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